CIM Group buys Austin tower

CIM Group has acquired Chase Tower, a 21-story, approximately 390,000-square-foot, class A office building with ground-floor retail in downtown Austin. Financial terms were not disclosed. Since 2007, CIM has been an active owner and operator in Austin with a diverse portfolio of office, residential, retail and mixed-use properties, where it applies its community-focused approach to real estate to enhance neighborhoods. The acquisition of Chase Tower adds to CIM’s growing office portfolio in Austin, which includes East Side Village, Hartland…

Read More >

Cap rates for commercial real estate assets stable in H1 2019

An advantageous balance of moderate growth, low inflation, and falling long-term interest rates in the United States kept capitalization rates for commercial real estate assets broadly stable in the first half of 2019, according to the latest research from global property adviser CBRE.   The CBRE North America Cap Rate Survey found that multifamily and industrial cap rates tightened the most in first half 2019, while office, retail and hotel cap rate movements were more modest. Continued cap rate stability is…

Read More >

Avanath acquires three affordable housing communities for $55m

Avanath Capital Management has purchased three affordable housing communities with a combined total of 317 units in Chicago and Maryland. The assets were acquired for a total of $55.05 million. These acquisitions bring the company’s total holdings in Chicago to 1,063 units and its total holdings in the Washington, D.C., metro area to 1,169units, according to John Williams, President and CIO at Avanath Capital Management. “We have been extremely active this year, rapidly expanding our AUM throughout many major…

Read More >

Data center REIT CyrusOne in M&A talks

CyrusOne, a data center REIT based in Dallas, is thinking about selling the business to a group of private investors, Bloomberg reported Aug. 16. The company is evaluating strategic options and has been approached by at least one potential buyer, a person with knowledge of the matter told Bloomberg. CyrusOne designs, builds and operates facilities across the United States, Europe and Asia, according to the company. It specializes in highly reliable enterprise data center co-location, engineering facilities with the…

Read More >

$250m Manhattan tech hub breaks ground

The New York City Economic Development Corp. and RAL Development Services have broken ground on the Union Square Tech Training Center. “The new Tech Training Center will be a hub for local residents to gain new skills, network, and plug into the City’s thriving tech scene,” said Vicki Been, deputy mayor for Housing and Economic Development. The 240,000-square-foot building is expected to be completed in 2020. The plans for this $250 million tech hub were first revealed in February…

Read More >

ShopOne acquires first New York property

ShopOne Centers REIT has acquired Hubbards Commons, a 65,970-square-foot shopping center in West Babylon, N.Y. The purchase marks ShopOne’s first shopping center in New York, as it continues to grow its national portfolio within the densely populated markets along the I-95 corridor. ShopOne recently acquired properties in Philadelphia and Washington, D.C. Hubbards Commons, which will be anchored by one of the first Lidl locations (36,000 square feet) in Long Island when it opens in 2020, is home to a…

Read More >

EXCLUSIVE: CenterSquare acquires RCG Longview

CenterSquare Investment Management has acquired RCG Longview. For CenterSquare, the transaction presents an opportunity to complement its existing real assets platform with a best-in-class real estate debt capability, which will enhance its client offerings and create investment synergies with its private equity real estate business. RCG Longview brings a cycle-proven 20-plus year track record, deeply experienced management team, and excellent reputation in private real estate debt, said a CenterSquare spokesperson. For RCG Longview, the transaction presents an opportunity to…

Read More >

The Bascom Group completes $235m refinance of 11-property multifamily portfolio

The Bascom Group has successfully completed a $235 million refinance of an 11-property multifamily portfolio spanning five states. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III. Most the new loans are interest-only with spreads over LIBOR ranging from 180 bps to 200 bps and interest only periods of 24 months to 36 months. The refinanced properties include The Square Apartments in Downey, Calif.; Camden Village Apartments in Fremont, Calif.;…

Read More >

NexPoint Residential Trust pays $384m for two apartment properties

NexPoint Residential Trust has entered into an agreement to purchase a 1,520-unit multifamily property located in Pembroke Pines, Fla., a suburb of Miami for $322 million. The seller was an unaffiliated third party. As of July 29, 2019, the Pembroke Apartments were 96.1 percent occupied with a weighted average effective monthly rent of $1,487. The purchase of the Pembroke Apartments is expected to close on Aug. 30, 2019. The company has also entered into an agreement to purchase a…

Read More >

JLL arranges $128m construction loan for class AA office tower

JLL has announced that it has arranged a $128.3 million construction loan for the development The Link at Uptown, a class AA office tower totaling 300,000 square feet in Uptown Dallas. JLL worked on behalf of the developer, Kaizen Development Partners, to secure the five-year, floating-rate construction loan through Broad Street Real Estate Credit Partners III, an investment fund managed by the Merchant Banking Division of Goldman Sachs. Located at 2601 Olive Street, The Link at Uptown is positioned…

Read More >